Impact of demonetisation lingers on Downturn in India’s growth ‘very worrying’: Kaushik Basu Think tank behind noteban calls it a ‘success’, says tax base increased After the Reserve Bank of India’s annual report revealed that only around 1.4 per cent of scrapped Rs 1,000 notes did not re-enter the banking system after demonetisation, Chief Minister Mamata Banerjee lashed out at the Centre, describing its move as a “big scam and flopshow.” Mamata also demanded an investigation into the note ban process and said people of the country have confidence in the Supreme Court. “Is not the RBI’s revelation this evening on demonetisation pointing to a big scam? I feel it was totally a flop show. 99% of the demonetized currency has come back to the RBI. Only one per cent has not returned,” the chief minister posted on her Facebook page. In an attempt to weed out black money, Prime Minister Narendra Modi had announced the decision to scrap old Rs 500 and Rs 1,000 notes on November 8 last year. The RBI’s annual report, which was released Wednesday, said out of 632.6 crore currency notes in the Rs 1,000 denomination in circulation, 8.9 crore have not yet returned to banks. “Hundreds of people lost their lives. Crores of common people – farmers, workers, those engaged in informal sector, small enterprises and other most vulnerable sections of society suffered massive pain. Due to this “Notebandi”, the Nation has lost Rs.3 lakh crore of GDP in the fourth quarter alone. Demonetisation was supposedly done to uncover several lakhs of crores of black money. And now what we have got is a big big zero!” Mamata’s post read. According to the report, around 89 million old Rs 1,000 notes were in circulation in March 2017, while in March 2016, around 6.3 billion Rs 1,000 notes were in circulation. State Congress chief Adhir Chowdhury, on the other hand, said: “Demonetisation has exposed incompetency of the govt, it has failed and boiled down to economic catharsis, now the ball is set rolling for the de-Modification of India” For all the latest Cities News, download Indian Express App Congress, CPM slam govt over GDP slide, demonetisation; PM must take responsibility for destroying economy: Opposition ‘Benefits will be visible in medium to long term’
West Bengal Chief Minister Mamata Banerjee questioned the demonetisation movement by the government. (Source: PTI Photo)
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